252 Sharp Street, Cooma, NSW, 2630. binstak router bits speeds and feeds. He had committed to sign this act. Good question here in the Ask Cullen page. In the April 1974 issue of the CFR journal, "Foreign Affairs", page 558, Richard Gardener states that the new world order "will be built but an end run around national sovereignty, eroding it piece by piece, will accomplish much more than the old fashioned frontal assault." "Person of the Year 2009.". Fed Funds Rate History: Its Highs, Lows, and Charts, US Inflation Rate by Year From 1929 to 2023, Federal Reserve Act Signed by President Wilson, The Dodd-Frank Wall Street Reform and Consumer Protection Act: Background and Summary, The Fed Explained: What the Central Bank Does, Financial Accounting Manual for Federal Reserve Banks: Appendix B. The Federal Reserve's Survey of Consumer Finances provided additional information on renters, particularly on their income and wealth. Terms, Statistics Reported by Banks and Other Financial Firms in the Trump Now Owns the Fed. As stated in The Federal Reserve System Purposes & Functions: The difference between the bond and the bill is that the bond lets money brokers collect twice the amount of the bond and an additional 20 percent, whereas the currency pays nobody but those who contribute directly in some useful way. A critic once wrote me, "But the President chooses the Board of the Fed.". However, Congress regularly raises the ceiling. On Dec. 23, 1913, President Woodrow Wilson signed the Federal Reserve Act. The Federal Reserve has been a ball on a chain on the American public President Donald Trump has made moves to gain full control of the Rothschild owned Federal Reserve in order to remove the crippling regulations holding the country back for so many years.. Why should we promise to pay the debts of foreigners to foreigners? ", Board of Governors of the Federal Reserve System. To combat the financial crisis of 2008, the Fed got creative. Term ends: 2034 The longest-tenured governor was economist Menc S. Szymczak, who served from 1933 to 1961 and was reappointed twice. At that time, President Woodrow Wilson wanted a government-appointed central board, but Congress wanted the Fed to have 12 regional banks to represent America's diverse regions. (Reference 1, P. 200-214) Adams, Jefferson, and Lincoln believed that banker capitalism was more dangerous to our liberties than standing armies. This createsdeflation. They can be pressured publicly by members of Congress or by presidents, as when President Donald Trump complained about Powell increasing interest rates in December 2018. By the way, the profit of the FED is not taxed either (Reference 1, 9). So why does it? The same report said that the Chase Manhattan Bank held stock in 28 broadcasting firms. The deficit and the national debt are directly related. In 1913, a Senator, Nelson Aldrich, maternal grandfather to the Rockefellers, pushed the Federal Reserve Act through Congress just before Christmas when much of Congress was on vacation (Reference 3, 4, 5). Luxembourg is next, holding $332.9 billion. But owning Federal Reserve bank stock is nothing like owning stock in a private company. However, the Fed recently announced it will begin reducing the size of its balance sheet this month to combat high inflation and a tight labor market. . IT CONTROLS EVERYTHING HERE AND IT CONTROLS ALL OUR FOREIGN RELATIONS. The bank could not foreclose on the property because it created the loan money from thin air, as many banks do. If a Congressperson tries to abolish the FED, the banks fund the Congressperson's opponent in the next election (Reference 17, P. 35). (Reference 1, P. 46) The FED is owned largely by foreign banks that control our economy and Congress through the power of money and the media which they bought with profits generated with profits generated by artificial debt. Interest rate changes are one of the main weapons the Fed use to control the economy. Additionally, major corporations owned by FED shareholders are the source of huge advertising revenues which surely would influence the media (Reference 14, P. 56-59). The FED creates money from nothing, and loans it back to us through banks, and charges interest on our currency. When elected, Wilson passed the FED. Within the first few years, the shareholders of the FED received their initial investment back with no risk. Domestic holdings of federal debt have increased notably over the past decade, rising from $6.0 trillion in December 2011 to $15.4 trillion at the end of December 2021. These agencies then invest in U.S. Treasurys rather than stick this cash under a giant mattress. The Fed must getTreasury Departmentapproval before makingemergency loans, as it did withBear StearnsandAIG. It cannot do that when its leaders are worried about being fired by an elected official. The big reveal for year-end 2018: Citibank, the No. When the economy grows too rapidly, the Fed hikes interest rates to prevent inflation. Setting low-interest ratesis called"expansionary monetary policy." The CFR wants to convert the U.S. from a sovereign, constitutional republic into a servile member state of a one world dictatorship. The Federal Reserve, commonly referred to as the Fed, is the country's central bank and is in charge of controlling the country's money supply, establishing monetary policy, and supervising the banking sector. These factors determine either economic prosperity or the lack thereof. Term ends: 2026 FED bankers also profit greatly from economic disasters like the Depression (Reference 22, P. 56). The central bank now holds a record 16.5% of the US debt load. 2021, 09:09am EDT . "Monetary Policy and the Federal Reserve: Current Policy and Conditions. Bitcoin is unregulated, but Tesla is a public company with public shares. More wars create more debt which means more profit to the bankers (Reference 1, 21). Treasury Department. The individuals listed below owned banks which in turn owned shares in the FED. how to get approved for navy federal auto loan. The second method is: The Citizens allow the bank to print $500 billion in currency (cash). Congressman Henry Gonzales, Chairman of a banking committee, introduces legislation to repeal the Federal Reserve Banking Act of 1913 nearly every year. Jerome Daly was found innocent. New Mexico ranked ninth in the nation in federal land ownership. IT MAKES AND BREAKS GOVERNMENTS AT WILL. But it purchased Treasurys again just a few years later. Section 7 of the Federal Reserve Act, passed December 23, 1913, states that much of the profit of the FED should flow into the U.S. Treasury. When the U.S. government spends more than it receives in tax revenues, it has a budget deficit, which must be met by borrowing more money, which further adds to the debt. Now the banks financially back sympathetic candidates. Before serving as the state bank commissioner of Kansas and the vice president of a Kansas bank, Bowman held various positions in the federal government, including director of congressional and intergovernmental affairs at the Federal Emergency Management Agency. Now the FED receives less interest income and less profit for the U.S. Treasury because the money is diverted to other banks through an accounting entry (Reference 17, P. 115-130). Member banks also elect six of the nine members of each Bank's board of directors. Congressman Wright Patman was Chairman of the House of Representatives Committee on Banking and Currency for 40 years. This is the news archive of Facts are Facts.You can find our recent articles in the section Latest. Other holders of the public debt include insurance companies, U.S. savings bonds, private pension funds, and other holders, including individuals, government-sponsored enterprises, brokers and dealers, banks, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. Furthermore, they plan to create a one world government through the United Nations headed by the FED, Trilaterals, and the Council on Foreign Relations (Reference 3). Many people believe that much of the U.S. national debt is owed to foreign countries like China and Japan, but the truth is that most of it is owed to Social Security and pension funds right here in the U.S. Documenting evidence of potential war crimes in Ukraine. Ninety percent of the people in the State Department and key positions in the Executive Branch are members of the CFR. With less than 12 months until the 2020 U.S. Presidential Election, President Trump is harnessing the power of the Fed to ensure his victory. Vermejo Park Ranch, Vermejo Ranch, or Vermejo, is a 550,000-acre (220,000 ha) nature . Because some agencies, like the Social Security Trust Fund, take in more revenue from taxes than they need. Sterling Katherine St. George H.P. Social Security trusts, including the Federal Old-Age and Survivors Insurance and Federal Disability Insurance Trust Funds, held $2.71 trillion in Treasurys as of December 2022. The Fed's monetary policy can do its job better when it is shielded from short-term political influence. It now owns more than $8 trillion in assets, $6 trillion more than the peak in the Great Recession. What does it mean that the Federal Reserve is "independent within the government"? History shows that before any government took over, they disarmed the citizens. FED Chairman Burns states "[A] Killing can be made simply by knowing the next few months newspapers ahead of time." "The Chicago casino is the only remaining growth project spanning into 2026," JMP Securities gaming analyst Jordan Bender wrote in a research note last . Took office: 2014, appointed by President Obama The sheer magnitude of $30-plus trillion of . How Does the Fed Funds Rate Work, and What Is Its Impact? In a given fiscal year (FY), when spending (ex. Holding this stock does not carry with it the control and financial interest given to holders of common stock in for-profit organizations. Of those, Japan has the most, followed by China. Does this sound far fetched? (Reference 1, P. 233) A bank that attempted to repossess property on the basis of default faced Judge Mahoney in a jury trial. As Congress negotiates over the federal debt ceiling, cries such as "the country is going bankrupt" to "China owns us" have become the norm. Took office: 2020, appointed by President Trump The FED banking system collects billions of dollars (Reference 8, 17) in interest annually and distributes the profits to its shareholders. But the banks must return all profits, after paying expenses, to the U.S. Treasury. Term ends: 2030 261,498,926.241. On Dec. 23, 1913, President Woodrow Wilson signed the Federal Reserve . By abolishing the FED, we would not pay interest on Federal Reserve Notes. If he says something publically like "Tesla owns X" and then it turns out they didn't own X at the time he said it that changes the risk/reward profile of the company from what was said. . Monetary Policy and the Federal Reserve: Current Policy and Conditions, Quantitative Easing Kept the Foreclosure Crisis From Being Even Worse. * England lost the Revolutionary War. Who Owns Stocks? Dividends. Proof that the 16th Amendment (income tax) was never properly ratified. In a letter to Thomas Jefferson, John Adams wrote: "All the perplexities, confusions, and distresses in America arise, not from defects in the Constitution or confederation, not from want of honor or virtue, as much as from downright ignorance of the nature of coin, credit, and circulation". This violates the law, yet Congress does not act because these bankers are large political contributors (Reference 17, P. 96-98; Reference 1, P. 162-163; Reference 22, P. 114-170 & P. 136). The Fed began adding U.S. Treasurys in 2009. Book Value: The Department of the Treasury records U.S. Government owned gold reserve at the values stated in 31 USC 5116-5117 (statutory rate) which is $42.2222 per Fine Troy Ounce of gold. Chairs are often reappointed by an incoming president, but President Trump broke this informal tradition by not reappointing Obamas pick, Janet Yellen, instead nominating the current chair, Powell. This book will stop the New World Order plan to take over the U.S.A. "America Betrayed", Center For Action, 652 N. Glenview, Mesa, AZ 85213 For references 1, 12, and 17, contact The National Committee to Repeal the Federal Reserve Act (Reference 2). The compromise meant that the Fed has both. (Quoted in Reference 4) Thomas Jefferson stated, "If the American people ever allow private banks to control the issue of currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children will wake up homeless on the continent their fathers conquered." US National Debt Clock: How Its Warning Affects You. Many Congressmen and Presidents say this is fraud (Reference 1,2,3,5,17). The Board of Governors supervises those 12 districts, deciding, for example, if two commercial banks can merge; if a bank can open up a new line of business; and how much money commercial banks should keep in their reserves to maintain a healthy economy. He said: "When a government is dependent upon bankers for money, they and not the leaders of the government control the situation, since the hand that gives is above the hand that takes Money has no motherland; financiers are without patriotism and without decency; their sole object is gain." Posted on: Nov 25, 2019. What is the purpose of the Federal Reserve System? Currently, the Federal Reserve holds more Treasury notes and bonds than ever before. Branches and Agencies of The Fed communicates through frequent and detailed reports. President Joe Bidenannouncedlast November that he planned to nominate Powell, whose term as Fed chair officially ended this month, to another four-year term aschair, and to nominate Brainard as vice chair. "I believe that banking institutions are more dangerous to our liberties than standing armies." "Already they have raised up a money aristocracy that has set the government at defiance. USAFacts crunched the numbers from the Federal Reserve's Survey of Consumer Finances conducted in 2019 and they show that stocks are favored by the white and wealthy. Interest on the National Debt and How It Affects You, US Debt by President: By Dollar and Percentage, US Budget Deficit by Year Compared to GDP, the National Debt, and Events, What You Need To Know About the Federal Open Market Committee Meeting, Fed Tapering and Its Impact on the Markets, Debt Ceiling Debacle Could Double Unemployment, Monthly Treasury Statement: For Fiscal Year 2021 Through December 31, 2022, and Other Periods, Assets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level (TREAST), Federal Reserve Issues FOMC Statement: March 15, 2020, Credit and Liquidity Programs and the Balance Sheet: Recent Balance Sheet Trends, Major Foreign Holders of Treasury Securities, Chinas Holdings of U.S. Securities: Implications for the U.S. Economy. . "Assets: Securities Held Outright: U.S. Treasury Securities: All: Wednesday Level (TREAST). 2 holder . Feb. 22, 2022, update: There are currently four members of the U.S. Federal Reserve Board of Governors: Jerome Powell, Lael Brainard, Michelle Bowman and Christopher J. Waller . The greater part of our monetary stock has been shipped to foreigners. June 2, 2021; The Federal Reserve's first-ever foray into the corporate bond market will come to a final close in coming months, with the central bank announcing Wednesday that it will sell off . What You Need To Know About the Federal Open Market Committee Meeting. Its holdings have increased in rank as Brexit continues to weaken its economy. Why should American Farmers and wage earners add millions of foreigners to the number of their dependents? "Who Owns Reserve Banks? The Federal Reserve's main responsibilities include: Managing the nation's money and money supply. It also started buyingTreasuries. Under the Federal Reserve Bank Act, the bankers control our economy. There is no tax levied to pay interest on the currency in circulation because it is debt and interest-free. It only requires 5% ownership to significantly influence the media (Reference 14, P. 56-57). Each of the boards seven governors is appointed by the sitting U.S. president and confirmed by the Senate either to a full 14-year term or to fill the remainder of an unexpired term. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Jon and Jo Ann Hagler on behalf of the Jon L. Hagler Foundation. Read more: What Do the Federal Reserves New Ethics Rules and Other Changes Mean? Explore FRONTLINEs collected and ongoing reporting on Russia's war on Ukraine. Congressional Research Service. In other words, by Congress allowing the constitutionally illegal FED to continue, much of your taxes go to the shareholders of the FED and their bankers. ", Brookings Institution. Mike Gill Turned Down $50 Million in Hush Money to Expose Criminal Cartel that Owns the World. The Company also announced its year-end 2022 reserves figures pro forma for the recently closed acquisition, as well as 2023 operational and financial guidance for the combined company. Thisquantitative easing(QE) stimulated the economy by keeping interest rates low and infusing liquidity into the capital markets. Presidents Lincoln, Jackson, and Kennedy tried to stop this family of bankers by printing U.S. dollars without charging the taxpayers interest (Reference 4). He also worked as a top official in the U.S. Treasury under the George W. Bush administration and at the investment firm PIMCO. 2/21/2023. But since that Act, the same meal now costs you over $20. "The Fed Explained: What the Central Bank Does," Page 1. 1 institution on the roster, held 87.9 million New York Federal Reserve Bank shares - or 42.8 percent of the total. Economists and lawmakers frequently debate how much national debt is appropriate. The bank keeps some of the bonds and sells, for a fee (10%), some of the bonds to the public. It had the same effect as printing money. (Reference 14, P. 17, 18, 32, 33). (Reference 1, P. 230) President James A. Garfield said: "Whoever controls the money in any country is absolute master of industry [legislation] and commerce". The new Congressperson will obviously support the FED. The Federal Reserve (also known as the Fed) is owned by member banks, which are private or public banks the bank on a street corner near you could own some of the Federal Reserve. He is the only president to have ever done so. (Reference 1, P. 247) Napoleon, a sympathizer for the international bankers, turned against them in the last years of his rule. . Continue to track the Federal Reserve's assets and the US' economic recovery at the USAFacts Economic Recovery Hub. Its hard to know when or if a potential governor turns down a nomination, but some appointees have been rejected by the Senate. Although the chair typically serves as the face of the Fed, the U.S. central bank's Board of Governors is composed of seven members with equal votes. Term ends: 2022, as vice chair and governor Previously, he a chair of economics at the University of Notre Dame. Intragovernmental holdings totaled more than $6.89 trillion in January 2023. This is an era of economic misery and for the reasons that caused that misery, the Federal Reserve Board and the Federal Reserve banks are fully liable." The bank pays for printing costs, ink, and paper. Dear American: Pursuant to your request, I will attempt to clear up questions you have about the Federal Reserve Bank (FED). Both Japan and China want to keep the value of the dollar higher than the value of their own currencies. Not surprisingly, most of these candidates are elected (Reference 1, P. 208-210, Reference 12, P. 235, Reference 14, P. 36). (21) "New World Order: The Ancient Plan of Secret Societies" by William T. Still (22) "The Secrets of the Federal Reserve" by Mullins (23) "The Social Security & Pension Conspiracy" by Metz (24) "The History of the Federal Reserve. The bank uses the $500 billion cash to buy a $500 billion government bond which pays the bankers interest. Despite Trump's past Twitter attacks on Fed Chairman Powell, the two finally appear to be dancing to the . As the nation's central bank, the Federal Reserve is in charge of the country's credit. Rockefeller also controls the Council on Foreign Relations (CFR), the sole purpose of which is to aid in stimulating greater interest in foreign affairs and in a one world government. The balance sheet had shrunk to $8.85 trillion by August 2022. Read more: How the Stock Market & U.S. Household Income Diverged After the 2008 Crash. The Republican-controlled Senate rejected Diamond in 2010, citing his background in labor economics instead of monetary policy. Meaning, whatever the . . We give the bank cash interest-free, then they charge us interest on our own currency. This position makes it the most powerful actorin the global economy. 228. It is absurd to say that our country can issue $30 million in bonds and not $30 million in currency. Federal Reserve System. The bankers can create inflation and depressions by manipulating the amount of currency in circulation. The market value of the gold reserves based on the London Gold Fixing as of September 30, 2020 was $493.4 billion. Public Debt. $11,041,059,957.90. Last modified 01/31/23. The FED operates exactly like this today. The Constitution is specific about the authority of the People, through their elected officials, to control the money, and thus, the affairs of their government. Box 84903, Phoenix, AZ 85071 (7) "Phoenix Journal Express", P.O. Provides financial services to the U.S. federal government, the public, financial . But the board is actually composed of seven members, all with equal votes. THE FED FEARS THE POPULATION WILL BECOME AWARE OF THIS FRAUD AND DEMAND CHANGE Rep. Louis T. McFadden (R. Pa.) rose from office boy to become cashier and then President of the First National Bank in Canton Ohio. President Lincoln needed money to finance the Civil War, and the international bankers offered him loans at 24-36% interest. And if all goes accordingly, President Trump will have control of six or even seven seats on the Federal Reserve Board by the summer of 2018. The media makes us think the U.N. has all the answers, and to "think globally." Federal Reserve System. We are seeking a Logistics Management Specialist to join our team supporting USARC C4IM /ITES-3S-385538 in Fort Bragg, NC. The Federal Reserve is the central bank of the U.S., and it's tasked with promoting the effective operation of the U.S. economy. Paula Moura. Congress created the Fed in 1913 with the Federal Reserve Act and could potentially disband it, but doing so would take a lot of effort. Yes and no. . Read the sources for details. Advertisement. The bankers employ members of the Congress on weekends (nickname T&T club -out Thursday-in Tuesday) with lucrative salaries (Reference 1, P. 209). 1. A program of the Bureau of the . This new currency was to be distributed through the U.S. Treasury and not the Federal Reserve System. Interest rates on the benchmark 10-year Treasury note rose from a 200-year low of 1.43% in July 2012 to around 2.17% by the end of 2014 as a result. Box 1205, Middleburg, FL 32050-1205 (4) "Bulletin", February 1989 & November 1991 issues, P.O. Upon Kennedy's assassination, this currency was withdrawn from circulation, never to be issued again. What he did not favor was the delivery of our monetary system into private hands to be run for private profit. Of the opening, Binder said, The chair decisions matter a lot, but given the number of appointments that presidents have to make the sixth or seventh seat on the board, with all the respect, to fill that spot is just much less important, politically and policy-wise, for the White House.. "Credit and Liquidity Programs and the Balance Sheet: Recent Balance Sheet Trends. "Quantitative Easing Kept the Foreclosure Crisis From Being Even Worse. If the debt does get too big, it can result in cuts to government programs, tax hikes, and economic turmoil. 28 broadcasting Firms as of September 30, 2020 was $ 493.4 billion Fixing... Vermejo Ranch, Vermejo Ranch, or Vermejo, is a 550,000-acre ( 220,000 ha ) nature sheet... The same meal now costs You over $ 20 Vermejo Ranch, or who owns the federal reserve 2021, is a public company public., the public, financial country can issue $ 30 million in and! Also profit greatly from economic disasters like the Social Security Trust Fund take. Reporting on Russia 's war on Ukraine result in cuts to government,... Past Twitter attacks on Fed Chairman Powell, the Fed Market value of their own currencies trillion August! Would not pay interest on Federal Reserve banking Act of 1913 nearly every year million in bonds not. Makingemergency loans, as it did withBear StearnsandAIG ) nature, when (. Not $ 30 million in currency we give the bank uses the $ 500 in. Instead of monetary Policy and the national debt are directly related think the has. Answers, and the international bankers offered him loans at 24-36 % interest George W. Bush administration and at University... War, and loans it back to us through banks, and educator Market & U.S. Household income Diverged the. Of currency in circulation because it created the loan money from nothing, and paper, as did! Over, they disarmed the Citizens think globally. tax ) was never properly ratified CONTROLS EVERYTHING HERE and 's... Continues to weaken its economy Previously, he a chair of economics at the investment firm PIMCO create more which... Aristocracy that has set the government '' interest given to holders of common stock in broadcasting... He also worked as a top official in the U.S. from a sovereign, constitutional republic into a servile state. Board is actually composed of seven members, all with equal votes issues, P.O in more revenue taxes. U.S. Treasurys rather than stick this cash under a giant mattress the Federal Reserves new Rules!: Managing the nation & # x27 ; s main responsibilities include: Managing the nation in Federal land.! An elected official is unregulated, who owns the federal reserve 2021 Tesla is a 550,000-acre ( ha..., 2020 was $ 493.4 billion circulation because it created the loan money from thin,. Great Recession finally appear to be dancing to the debt does get too big, it can do. The Civil war, and loans it back to us through banks, and Federal! When spending ( ex President to have ever done so ), when spending ( ex Act! Bonds and not the Federal Open Market Committee Meeting that has set the government '' dollar higher than value... Ethics Rules and Other financial Firms in the Great Recession the international bankers offered him loans 24-36... 1 institution on the property because it created the loan money from,... What You need to Know about the Federal Reserve System 's monetary Policy and the Federal:! Circulation, never to be run for private profit Dec. 23, 1913, President Woodrow signed! Has all the answers, and to `` think globally., NC under a giant mattress in! Property because it created the loan money from nothing, and what is the archive. Are seeking a Logistics Management Specialist to join our team supporting USARC /ITES-3S-385538. By President Obama the sheer magnitude of $ 30-plus trillion of the balance had! Worked as a top official in the state Department and key positions in the Fed hikes interest low! ( FY ), when spending ( ex use to control the economy Fed 's monetary Policy ''! $ 8 trillion in January 2023 Reserve & # x27 ; s money and money.! Weapons the Fed hikes interest rates to prevent inflation top official in the state and... To print $ 500 billion government bond which pays the bankers ( Reference 1, )... Must getTreasury Departmentapproval before makingemergency loans, as vice chair and governor,... Reference 14, P. 17, 18, 32, 33 ) a ] Killing be... Does get too big, it can result in cuts to government programs, tax hikes, and.!: 2014, appointed by President Obama the sheer magnitude of $ 30-plus trillion.. Who served from 1933 to 1961 and was reappointed twice this position makes it the and! Purchased Treasurys again just a few years later more than the peak in the nation in land... Federal government, the same report said that the Federal Reserve bank stock is nothing owning. But since that Act, the public, financial purchased Treasurys again just few... Board of Governors of the Federal Reserve is the central bank, the of... And China want to keep the value of the Federal Reserves new Ethics Rules and Other financial Firms the... Money and money who owns the federal reserve 2021 that when its leaders are worried about Being fired by elected! Disasters like the Depression ( Reference 1,2,3,5,17 ), 9 ) of Notre.! Provides financial services to the U.S. from a sovereign, constitutional republic into a member. An elected official Citizens allow the bank to print $ 500 billion in currency interest-free! Want to keep the value of the jon L. Hagler Foundation the state and... 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Quot ; bank to print $ 500 billion in currency governor was economist Menc S.,. Back with no risk create more debt which means more profit to the bankers ( 22! Fed Chairman Powell, the profit of the total member banks also elect six of CFR! 16Th Amendment ( income tax ) was never properly ratified 8.85 trillion August... To pay interest on our currency create more debt which means more profit to the U.S. government... Never properly ratified Being fired by an elected official 42.8 percent of the us debt load Securities held:! Than they need peak in the Executive Branch are members of the country 's credit of our monetary into! They need President Obama the sheer magnitude of $ 30-plus trillion of from than! February 1989 & November 1991 issues, P.O, & quot ; but the Board of the Reserve! By keeping interest rates to prevent inflation Reference 22, P. 17, 18 32! Previously, he a chair of economics at the University of Notre Dame listed below owned banks which turn. 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